MIRA INFORM REPORT

 

 

Report Date :

25.06.2008

 

IDENTIFICATION DETAILS

 

Name :

BOGAWANTALAWA BPL TEAS (PVT) LTD

 

 

Registered Office :

# 540, Thimbirigasyaya Road, Colombo- 05.

 

 

Country :

Sri Lanka

 

 

Financial as on :

31.03.2006

 

 

Date of Incorporation :

03.01.1997

 

 

Com. Reg. No.:

N (PVS) 18371

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Exporting Tea

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

 

GENERAL - Basic information at a glance

     

Name of Subject of Inquiry

:

 

BOGAWANTALAWA BPL TEAS (PVT) LTD

 

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Mr. D. Jamnadus Ambani

Primary Line of Business

:

Exporting Tea 

Head office

&

Place of Business

 

:

 

 # 540, Thimbirigasyaya Road,

 Colombo- 05.

         

         

Tel. No: (00 94 11) 2510181-8

Fax No: (00 94 11) 2501449

 

Factory Address: # 24, Parakirama Road,

                                Muttumagla,

                                Ragama.

 

No. of Employees

:

50+

           

 

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

N (PVS) 18371

Date of Registration

:

03rd January 1997

Registered Office

:

 

# 540, Thimbirigasyaya Road, Colombo- 05.

 

Board of Directors

As At

18th February 2008

:

D. Jamnadus Ambani (Sri Lankan)

Managing Director

C.M.O. Hag Lind (Sweden)

Director

J. Molligoda (Sri Lankan)

Director

M.S.W. Fernando (Sri Lankan)

Director

Authorised Share Capital

:

Rs.            500,000,000.00

Issued Share Capital

:

Rs.            126,600,020.00      

Nominal Value of Share

:

Rs.                            10.00

 

Share Holders

As At

18th February 2008

:

Share Holders

No. of

Shares

D. Jamnadus Ambani

01

G.H. Samarakoon

01

Bogawantalawa Tea Estates Ltd

12, 660, 000

Auditors

:

KPMG Frod Rhodes Thornton and Company

Company Secretaries

:

Vanik Corporate Services Ltd

Bankers

:

HNB, Commercial Bank

 

 

 

FINANCIAL DETAILS - Most recent available Financial Information

                                                                                   

 

Year ended

31st March 2006

‘Rs’

Year ended

31st March 2005

‘Rs’

A

Revenue

:

242,925,916.00

259,984,887.00

B

 Cost of Sales

:

(213,540,225.00)

(227,821,088.00)

C

 Gross Profit

:

29,385,691.00

32,163,799.00

D

Other Income

:

-

 

E

Operating income / (Expenses)

:

(590,718.00)

4,152,309.00

F

Administration Cost

:

(24,179,032.00)

(25,861,641.00)

G

Distribution Cost

:

(7,440,887.00)

(10,987,937.00)

H

Finance & Other Cost

:

(6,443,581.00)

(6,736,769.00)

I

Net Profit / (Loss) before Tax

:

(9,268,527.00)

(7,270,239.00)

J

Taxation

:

-

(128,272.00)

 

Net Profit / (Loss) After Tax:

:

(9,268,527.00)

(7,398,511.00)

 

 

As At

31st March 2006

‘Rs’

As At

31st March 2005

‘Rs’

 

a)

Non-current Assets

:

38,298,924

29,873,692

b)

Current Assets

:

185,200,531

185,710,176

c)

Non Current Liabilities

:

3,823,225

28,083,113

d)

Current Liabilities

:

227,231,245

249,787,238

e)

Total Liabilities

:

231,054,470

277,870,351

f)

Total Assets

:

223,499,455

215,583,868

g)

 

Net Worth

 

:

(7,555,015)

(62,286,483)

 

 

Current investigation           

 

·         History.

 

                  The Subject Company BOGAWANTALAWA BPL TEAS (PVT) LTD is a Private    Limited liability Company incorporated in 03rd January 1997

 

                  Location.

 

                   The Subject Company is located at the client given address # 540, Thimbirigasyaya Road,                                          Colombo- 05.

.

 

·         Operational Details.

 

General

                  The subject company primary line of business is Exporting Tea

 

 

Products

All kinds of Tea products 

 

Country

Poland, Netherlands, Japan, USA

 

Employees

                  50+

 

·         Financial Data

 

The financial information has been obtained from non formal source.

 

 

 

·         Trade references

 

                  The subject company did not provide any trade reference referrals

 

 

·         Credit Recommendations

 

                 

No computerised data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

 

 

 

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.79

UK Pound

1

Rs.85.04

Euro

1

Rs.67.39

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions